Bruce Oxenford

The rental industry has been existing for so many years, but the present digital transformation has uplifted the rental industry by making it easier to connect consumers and also renters. The growth has been enormous and it’s building trust and also reducing transaction costs for the future of the rental marketplace. In the future, the rental industry will continue to expand and evolve with newer technologies as we can never imagine. Experts predict that this industry will stand out when compared with other industries. The scope and adaptability of the rental business are welcomed by users across the globe. When comparing the rental industry with past, present, it has been clear that this industry is inspiring many digital startups and also kindles young minds to commence their own business with sharing concept. It is a great time to share with you the opportunities and also technologies that are going to play a major role in the future of the rental marketplace. Niche Ideas in rental sharing There are many opportunities in the rental sharing industry which helps entrepreneurs to run their own business in a successful and also cost-effective way too. The different types of niche available are, 1. Vacation rental 2. Bike rental 3. Car rental 4. Equipment rental 5. Boat rental In our previous blog, we explained about the most promising niche sharing economy ideas and how it can be used to build a profitable business. Predicting the future of the rental marketplace The future of the rental marketplace inevitably becomes a major part of the global business. It is growing and expanding at an alarming rate, and now more than ever, people are changing the way they travel, ride, work, buy and also sell. The following report is going to examine the current state and also gonna predicting the future of the rental marketplace. The sudden emergence of the rental industry has made numerous changes in the day to day life. The industry is expecting to grow to double its current value by 2021. According to the report, this industry currently serves over 44.8 million individuals in various strata and is expected to rise above 86.5million people by 2021. Approximately It will reach $40.2B in 2022 and also revenue will increase up to $18.6B. It is also expecting to grow from $14 billion in 2014 to $335 billion by 2025. This estimate is based on the growth of the rental industry. Most importantly, we should see how technologies are going to disrupt the future of the rental marketplace. Blockchain The blockchain is a digital public ledger for all cryptocurrency transactions. Every transaction or transfer of information is recorded chronologically and is accessible to everyone on the blockchain without an intermediary facilitating the transactions. The blockchain is one of the fast-growing technologies and also going to be the next step of the rental industry. This technology has taken quite a turn in the industry given its popularity in providing safe and also secure online transactions. Many industries are adopting blockchain because of its numerous benefits such as, 1. Increased time effectiveness due to real-time transactions 2. Direct transactions eliminate the intermediary costs. 3. Reduces risks related to fraudulent. 4. More transparent processes with a proper record creation and tracking 5. Highly secure due to cryptographic protocols. Internet of things Internet of things is the extension of internet connectivity into physical devices. Embedded with electronics, internet connectivity, and other forms of hardware, this device can communicate and interact with others over the internet, and they can also be remotely monitored and controlled. With the enormous hype in the IoT, there are many opportunities available to create a myriad of sharing platforms. By utilizing IoT, we can also facilitate the sharing of our existing devices, vehicles, and buildings by embedding sensors and network connectivity that enable our things to collect and also exchange data. IoT is more familiar due to its some below important benefits, 1. Less human involvement 2. Continuous tracking 3. Endless monitoring 4. Handling secure direct payments Some foremost emerging trends which involve in the internet of things is as follows, Big data analysis The main role of big data is to process a large amount of data on a real-time basis and storing them using different storage techniques. Role of Big data in the rental business The role of big data in the rental business is receiving the data from their users(such as name, location, data, and preferences), a giant database is accessed to filter results that will be relevant to the user. Without big data these platforms would not exist, they rely on the manipulation of data and algorithms to match customers and service providers. It contributes in many ways to the growth of these industries. Let us see how big data is fueling the rental business, 1. Meeting required needs 2. Improving businesses 3. Good for the consumer as well 4. Ensuring the survival of the fittest Data processing with Edge computing Edge computing entails processing and analyzing data closer to the source of where that data is collected. Role of Edge Computing in the rental business Edge computing plays a vital role in the rental business as it brings computing power, control, and storage and it makes it easier to operate without any latency. It also helps in scaling up and generating revenue and providing faster response time. Here’s how businesses can scale up by bringing edge computing to their fold, 1. Cost efficiency 2. Earning reputation 3. Performing without any lag 4. Reducing data latency 5. Protecting sensitive data Cloud computing Cloud computing in simple terms means accessing data and programs from a centralized pool that can be ordered and consumed on-demand. Role of cloud in the rental business It is most important in the rental business because it increases efficiency, helps improve cash flow and also offers many benefits as follows, 1. Flexibility 2. Capital expenditure fee 3. Increasing Competitiveness 4. Environment-friendly Artificial Intelligence Artificial intelligence is a technology that is already impacting how users interact with. It is a machine learning system that can easily identify the trends and continues to grow in the near future. It has become a decision making assistant for all business that we look forward to and having the potential to vastly changes the way of human interactions and easily grabbing many entrepreneurs attention towards rental business. Artificial intelligence will be used in the rental business helping the host to set the best prices, enhance the user experience and also ensure security. 1. The vast benefits of AI are as follows, 2. Personalizing customer experience with AI 3. Setting smart prices 4. Preventing fraud 5. Improving internal operations Reason for booming According to the survey, the number of rental marketplace users has reached almost 18million and it is forecasted to grow by 19.3million in its upcoming years. So what constitutes the success of the rental industry? The only reason for booming is affordability and also accessibility. The audience using sharing platforms are feeling reliable due to the following factors. 1. Providing greater efficiency and flexibility 2. Attracting them by Furnishing new experience 3. Sustaining instant gratification 4. Embeds a sense of trust 5. Affordable cost Business idea for Entrepreneurs Now it is a better time for entrepreneurs than ever to revise this unpredictable business model in favor of one with more autonomy, opportunity, and also security. The growth of the rental business fundamentally changes the landscape for entrepreneurs in the below benefits, It does not need to have its own inventory. It is really attracting many entrepreneurs to start their business without spending a lot of money. So it drastically reduces the minimal startup cost. This industry provides you with the many opportunities and ideas in starting your business as there are different niches such as a car, bike, equipment and vacation rentals, etc. The rental industry has ramped up in things up and not only helpful for riding, sharing, buying, selling, but it also offers a valuable opportunity in generating an excessive amount of revenue through commission-based, subscription fees, listing fees, lead generation fee and also freemium services. Winding-up By seeing the above predictions and also the reason behind the success of the rental sharing, we came to conclude that it should be the way of the future. Whether it is a ride, stay, or even sharing working space, people are finding it cheaper and also more convenient. So, Entrepreneurs are using this trend to succeed in their online business ambition. If you are one of them interesting in building your own rental business, then choose the right marketplace idea which has a potential demand. Also, empowering the platform with the latest features and also functionalities will enrich your rental business. To get support for building your own rental sharing business, connect with RentALL – Airbnb clone.

Entrepreneurs are showing a huge interest in car rental marketplace development since the demand is phenomenal. But some entrepreneurs are not aware of the end-users needs and also the problems they are facing to build your car rental marketplace. If you are one of them, then this blog post may help you out. I’m going to share the must-have features which should be available in any of peer to peer car rental marketplace. These features may help you get more customers by providing a better experience and stand out from the crowd to become a successful one in the competition. Peer to peer car rental marketplace It is also known as people car sharing and the process whereby existing car owners make their vehicles available for others to rent for a short period of time and also earn some money out of it. It removes an intermediary who connects consumers to product or service providers. This serves as a lower cost, enables faster transactions, and also makes convenient for both the providers and also users. Business model of car rental marketplace Choosing the right business model helps to make good revenue and also business growth. 1.Commission-based In the car rental marketplace, it is the most common feature that the commission-based on fixed or percentage of the transaction value to be cut from the amount paid by the renters. Website owners can charge a nominal fee for every booking from the car owner and also the renter. 2.Featured listing Another simplest way to earn revenue is featured listing. Car owners who want to get more bookings can brand their listing on the homepage of the website. It helps them to earn more revenue by highlighting the product in top search results. It attracted most of the users and also helps to drive more bookings. 3.Subscription model It is an essential business model that makes steady monthly revenue by charging car owners a recurring fee. It is most helpful that allows paying a fixed amount of money on fixed time intervals like a monthly or yearly basis. Subscription is a reliable model that doesn’t charge a commission on car owners for every single rental they are getting. This model will lead to higher revenues and also customer retention in the marketplace. Must-have features in car rental marketplace Advanced search filters It is one of the most essential features that help users to search the rental cars according to their preferences, needs like location and also date. This feature makes them convenient to process the bookings faster and easier too. Stripe connect Guests can make a secure payment through Stripe that helps them complete transactions quickly in a hassle-free manner. Its friendly approach provides more reliability for the users and it is also widely accepted in many countries. Calendar & seasonal pricing This feature helps to set pricing for a particular day or season. It can be done by choosing the specific days in the calendar and also setting up the different pricing in the session price. The seasonal pricing option also enables car owners to maximize their revenues at a short interval. Manage cars This feature helps to edit, view or upload listings according to the car types, descriptions, and also price without hassle so that the customers can able to search, filter according to their convenience. Anyone without technical skills can easily manage the dashboard in an easier way. Document verification This is an essential feature that helps to collect and verify all the required documents like driving license, insurance, and also vehicle-related documents. It has been one of the most trusted concerns for both the car owners and also renters which will avoid illegal problems. Internal Messaging Messaging helps to communicate with car owners and also renters during the booking process. It is also helping the user to track the previous conversations. Manage reservations It helps to keep track of all reservations and also control the process. With just a click, you can modify any booking details related to the booking date, time and also related to reservations. Tech stack needed Technology has the greatest impact on how our product works and also how it will perform in the future. The tech stack also influences the scalability of the product and also dealt with the investment of money and time. Choosing the right tech stack will lead you to the successful path in the car rental marketplace development, Front end interface -ReactJS If you are doing a car renting marketplace development with the idea of adding numerous features in the future, then the reusable UI component should be your pick. For that reusability, javascript frameworks like ReactJS, Redux and also React Apollo works very well. React is the front end javascript library for making performance-oriented user interfaces and also boosts the primary web page load speed, provides a smooth user experience too. Back end interface -ExpressJS What users see as a visual interface is the result of the powerful involvement of back end technologies. Frameworks like expressJS, GraphQL, Sequelize will handle the heavy load easily. It is a js run time environment that allows you to run an application and it is light, scalable and cross-platform to execute code. It uses an event-driven I/O model which makes it extremely efficient Database- MySQL The data storage platform should be efficient, scalable and also easy to maintain. The main thing you have to be clear about is whether it is a non-structured query because of easy use and can also store data. It is open-source, reliable, compatible with all major hosting providers, cost-effective and also easy to manage. Many online businesses are leveraging the data security and also strong transactional support offered by MySQL to secure online transactions, enhance customer interactions. Conclusion In this blog, I hope you had a better understanding of the peer to peer car rental marketplaces development and the features necessary to build car rental marketplace. There is really a huge demand in the car rental market. If you choose the right business model and tech stack to build car rental marketplace, it will help you to scale up the marketplace globally. Still have queries on this? feel free to contact our experts at support@radicalstart.com Thanks for your time reading this one. Originally Published On - https://www.rentallscript.com/checklist-to-build-your-car-rental-marketplace-development/

Building a new business in a competitive industry is very difficult nowadays. It becomes more challenging to stand out from the crowd but the rental business with RentALL – Airbnb clone is also one such option that provides plenty of opportunities to rethink and also revolutionize the industry. The rental business has also made revolutionary changes. The situation is changing fast with a shift from owning to renting that helps in creating more value for more money when compared to owning. It provides many benefits in choosing a rental business, hence it satisfies the needs and also the demands of the users. Interesting benefits of the rental business are given below, Affordable Greater flexibility Rapid growth Creating multiple ways to earn income What makes the rental business a prior choice? Millions of users are also using the rental marketplace as a daily part of their life. At present, billions of dollars are being transacted and also a huge amount of money is earned as a commission fee by the rental marketplace owners. Hence it also encourages many budding entrepreneurs to indulge in the rental business. Starting a rental business is not a difficult task but also choosing the apt solution will become one such challenge for the entrepreneurs. It is important for entrepreneurs to know clearly about the solution that suits perfectly for your rental business. Start knowing about the perfect solution for your rental business, Need for an Airbnb clone? Are you the one eagerly searching for an Airbnb clone that meets your needs and requirements too? Here comes the ideal solution RentALL – Airbnb clone. RentALL – Airbnb clone RentALL – Airbnb clone is a customizable script helping entrepreneurs to start their own rental sharing platforms quickly and also efficiently. It also comes up with the trendy technologies, 100% availability of source code, provides a rich user experience, and it also comes with technical support. Boost your rental business with RentALL – Airbnb clone RentALL – Airbnb clone will also boost your rental business with some interesting benefits, Easily customizable Scalable Provides better user experience Accessible across the globe Easy to use and maintenance RentALL – Airbnb clone for any kind of rental business Here I have listed some of the rental business ideas, Vacation rental Car rental Yacht rental Space rental What makes RentALL – Airbnb clone more powerful? Unique features of RentALL increases customer satisfaction and also helps you stay ahead of the competition. Below are the features listed, Easy to create account and login Advanced search and filters Calendar availability Social sharing Secured payment gateways Google map integration Multiple payment options Ratings and reviews Smart notification Robust admin panel Tech stack used Choosing the right tech stack will also lead to the sustainable growth of your rental business. RentALL is built on Nodejs, Reactjs, Expressjs, and also GraphQL. Here are more details, Frontend: React Redux Bootstrap React Apollo and Apollo client Backend: Express js Sequelizejs GraphQL MySQL Jumpstart your rental business with RentALL – Airbnb clone To make your rental business a huge success, it’s your time to start your rental business with RentALL – Airbnb clone. Excited to know more about RentALL? Visit - https://www.rentallscript.com/airbnb-clone/

Entrepreneurs are showing a huge interest in car rental marketplace development since the demand is phenomenal. But some entrepreneurs are not aware of the end-users needs and also the problems they are facing to build your car rental marketplace. If you are one of them, then this blog post may help you out. I’m going to share the must-have features which should be available in any of peer to peer car rental marketplace. These features may help you get more customers by providing a better experience and stand out from the crowd to become a successful one in the competition. Peer to peer car rental marketplace It is also known as people car sharing and the process whereby existing car owners make their vehicles available for others to rent for a short period of time and also earn some money out of it. It removes an intermediary who connects consumers to product or service providers. This serves as a lower cost, enables faster transactions, and also makes convenient for both the providers and also users. The business model of car rental marketplace Choosing the right business model helps to make good revenue and also business growth. 1.Commission-based In the car rental marketplace, it is the most common feature that the commission-based on fixed or percentage of the transaction value to be cut from the amount paid by the renters. Website owners can charge a nominal fee for every booking from the car owner and also the renter. 2.Featured listing Another simplest way to earn revenue is featured listing. Car owners who want to get more bookings can brand their listing on the homepage of the website. It helps them to earn more revenue by highlighting the product in top search results. It attracted most of the users and also helps to drive more bookings. 3.Subscription model It is an essential business model that makes steady monthly revenue by charging car owners a recurring fee. It is most helpful that allows paying a fixed amount of money on fixed time intervals like a monthly or yearly basis. Subscription is a reliable model that doesn’t charge a commission on car owners for every single rental they are getting. This model will lead to higher revenues and also customer retention in the marketplace. Must-have features in car rental marketplace Advanced search filters It is one of the most essential features that help users to search the rental cars according to their preferences, needs like location and also dates. This feature makes them convenient to process the bookings faster and easier too. Stripe connect Guests can make a secure payment through Stripe that helps them complete transactions quickly in a hassle-free manner. Its friendly approach provides more reliability for the users and it is also widely accepted in many countries. Calendar & seasonal pricing This feature helps to set pricing for a particular day or season. It can be done by choosing the specific days in the calendar and also setting up the different pricing in the session price. The seasonal pricing option also enables car owners to maximize their revenues at a short interval. Manage cars This feature helps to edit, view or upload listings according to the car types, descriptions, and also price without hassle so that the customers can able to search, filter according to their convenience. Anyone without technical skills can easily manage the dashboard in an easier way. Document verification This is an essential feature that helps to collect and verify all the required documents like driving license, insurance, and also vehicle-related documents. It has been one of the most trusted concerns for both the car owners and also renters which will avoid illegal problems. Internal Messaging Messaging helps to communicate with car owners and also renters during the booking process. It is also helping the user to track the previous conversations. Manage reservations It helps to keep track of all reservations and also control the process. With just a click, you can modify any booking details related to the booking date, time and also related to reservations. Tech stack needed Technology has the greatest impact on how our product works and also how it will perform in the future. The tech stack also influences the scalability of the product and also dealt with the investment of money and time. Choosing the right tech stack will lead you to the successful path in the car rental marketplace development, Front end interface -ReactJS If you are doing a car renting marketplace development with the idea of adding numerous features in the future, then the reusable UI component should be your pick. For that reusability, javascript frameworks like ReactJS, Redux and also React Apollo works very well. React is the front end javascript library for making performance-oriented user interfaces and also boosts the primary web page load speed, provides a smooth user experience too. Back end interface -ExpressJS What users see as a visual interface is the result of the powerful involvement of back end technologies. Frameworks like expressJS, GraphQL, Sequelize will handle the heavy load easily. It is a js run time environment that allows you to run an application and it is light, scalable and cross-platform to execute code. It uses an event-driven I/O model which makes it extremely efficient Database- MySQL The data storage platform should be efficient, scalable and also easy to maintain. The main thing you have to be clear about is whether it is a non-structured query because of easy use and can also store data. It is open-source, reliable, compatible with all major hosting providers, cost-effective and also easy to manage. Many online businesses are leveraging the data security and also strong transactional support offered by MySQL to secure online transactions, enhance customer interactions. Conclusion In this blog, I hope you had a better understanding of the peer to peer car rental marketplaces development and the features necessary to build car rental marketplace. There is really a huge demand in the car rental market. If you choose the right business model and tech stack to build a car rental marketplace, it will help you to scale up the marketplace globally. Still, have queries on this? feel free to contact our experts at support@radicalstart.com Originally Published on https://www.rentallscript.com/checklist-to-build-your-car-rental-marketplace-development/